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] >> that's what i'm talking about! >> whoo! >> steve wynn is the man with the midas touch who added glamour to the gambling industry. >> if you're gonna start a gambling joint, start a gambling joint. >> he transformed las vegas into an international tourist spot, but the odds haven't changed. >> the only way to win in a casino... >> is to own one. >> own one. >> unless you're very lucky. [stopwatch ticking] >> internet gaming is illegal in the united states and absolutely thriving. >> yes! >> right now, as you watch this story, 70,000 people are gambling on party poker, and that's just one site. >> there will be more online poker games per day at the end of this year than all of the casinos in the entire world put together. >> welcome to 60 minutes on cnbc. i'm steve kroft. by some estimates, gambling in this country is a nearly $100-billion industry. it attracts everyone from flamboyant businessmen to nefarious conmen. while the odds are heavily stacked against them, for millions of americans, gambling remains enormously popular, even in these hard economic times. in this episode, charlie
be willing to jettison obama care too? let's talk. here is democratic strategist steve mcmahon. jenkins of the "wall street journal" editorial board. paul howard from the manhattan institute. and joining us shortly, veteran political analyst larry sabato. it's kind of like, i don't know, deja vu all over again. the white house is capitulating. the insurance companies can do it better. this is where we started. why don't we just stay there and let the insurance companies do that? why do we need this gigantic state-run bureaucracy? >> well, the insurance companies selling obama care policies is just a stopgap. they still expect to get the exchange up and running. they're simply trying to make sure it doesn't all go kaput between now and then. secondly, the catastrophic medicare thing was a, bipartisan, b, kind of a small law. it wasn't going to discredit anybody's political career, certainly not president reagan's. so i don't think that the obama people are going to give up the ghost quite as quickly as dan rostenkowski and ronald reagan did. >> okay. maybe. so small is a relative term. l
? >> the market can handle it. and in particular, scott, just as pete and anthony and steve have said, the financials, you take a look at that move, it was telegraphed yesterday by moves in citigroup, moves in aig. we talked about a 25,000-lot spread in aig. they bought this very aggressively yesterday. look at aig today, up almost 3%. bank of america, moving up strong today. what's weak? some of the guys that could be hurt, or will be hurt in the short term by a jump in interest rates. so pulte is among the weakest. followed by lennar on the home building side. i think on dips there, though, you buy them, because i agree, i don't think we're going to see taper until at least march. i don't think the people that are betting on a december one, i'll take that bet. >> yeah, maybe not december, but maybe before march. what does today's jobs report really mean for the fed and this rally? we're going to hear from the "wall street journal's" john hillsenrath later on, but first, going to steve liesman with his unique perspective and breaking headlines from atlanta fed president dennis lockha
of the year. >> steve weiss, maybe the round numbers we hit yesterday -- 16,000, 1,800 -- it was a sign to people, whoa, we really have come so far, maybe we should be thinking whether it's justified. maybe this is a bubble. maybe i should take something off the table. what does it mean, if anything, between now and the end of the year? >> look, i don't think it means much. it's always tough, it seems to me, just the time to get through the psychological levels and stay there in the first shot. for whatever reason. to me, i like hearing all of the negativeness, and above all of that, that we're overbought, take to take profits, i love it, because to me, that means the market goes higher. look, a lot of hedge funds, and a lot have taken off risks, and lowered their exposure. not by much. but nobody can give you a reason why the market shouldn't go higher, except for that it's been high. >> the difference is you're talking to some of the hedge funds that have been the best performers of the year. what about those as we talked for, you know, several weeks, those that have trailed, trying t
we're following today. sacked, steve cohen's s.a.c. capital in a record settlement with the feds, now kate kelly has the latest on what happens to the firm. and of course its founder. tweet this, twitter ups its ipo range. traders weigh in on whether they'd buy the stock when it opens for business. >>> the markets heading into the final stretch of the year looking for more gains. surprisingly, still looking for love. so, why is one of the strongest rallies in recent memory still searching for respect? and what does all it mean to where we go from here? "halftime". pete, where's the love in the rally? >> i think it doesn't really take a lot to find some of the love. i think part of the problem is the fact that the financials really have not participated this in quarter. look over at some of the industrial names, i pick out ge, one of the names that i like. we've seen a lot of option paper in there look at energy names, i'm not talking about the big cap energy that everybody always likes to focus on. i'm looking at some of the mid tier names, shale names, scott. when looking at whiting
money. every time he played poker he brought a shoebox full of change. we called him shoebox steve. >>> let's move on to jpmorgan. that was over the sale of mortgage-backed securities covered by jpmorgan and bear stearns in 2005 and 2008. jpmorgan bought bear stearns. it was march of 2008. it predated the heart of the crisis being that it was in march but bear stearns was 2 bucks and ended up being $10. the larger question here is are they moving through all of the various fines, penalties, fees, settlements that they need to, can investors see through to the other side? they have put aside 23 billion for so-called litigation expense. jim, i start to wonder whether the continued -- i wouldn't call it an avalanche but the continued pressure from regulate are to regulators and all of the pressure points that they seem to be applying, one has to wonder whether we'll truly abate and get back to what we call real earnings power for these financial institutions. >> look, if we had normalized earnings and this is not a normal time, then jpmorgan would probably be 6, 7 points higher. all o
to be joined by senator ron johnson and steve scalise at 7:30. first up, let's ask our health care experts what they think about the president's announcements today. joining us is gavin newson, bob, president of health policy and hchl hadley heath. there may be less there than meets the eye regarding what president obama said as reported by our own bob harwood and robert costa. up to the insurance commissioners, up to the insurance companies themselves. do you think canceled policies will be restored in any bulk size? >> probably not. this is really an administrative mess. one company has said that they are going to try to do it, florida bluecross. most other companies are having a good time with this. this is nothing more than the president throwing the hot poe pat toe about cancellations back to the health insurance companies. the insurance companies, to do this, only have 31 days to right the ship here. this is coming from the president who built in three years and it doesn't work and he's telling the insurance industry that in 31 days, because december 15th is the deadline, t
revealed bad news from businesses and consumers. we have a bull/bear debate coming up with steve forbes and brian west bury. and we'll get you updated on today's market selloff. obama care has nothing to do with free market capitalism. we'll be right back. when we made our commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, where experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. >>> all eyes on the economy ahead of tomorrow's important jobs report. today we saw third quarter gdp growth came in at 2.8%. sounds good. but i think it's masking a lot of issues in there. take a look at consumer spending, only up 1.5%. and also business equipment spending, or investment, that's the the heart of it and creates
'm becky quick along with andrew ross sorkin and steve liesman, who is in for joe kernen today. o is enjoying a day off. our top story today, of course, it's retail. so we are lucky enough to have our industry expert dana telsey here this morning. >> thank you. thank you for having me. >> have you slept? >> i don't believe in sleeping, not when the stores are open. >> that's what we figured. we'll talk more to dana in just a moment. at least a dozen retail chains opened their stores yesterday. it did make for some big thanksgiving day sales. overall, the national retail federation expects sales to be up by 3.9% during the last two months of the year. that is higher than last year's 3.5% growth. but it's below the 6% rates that we saw just before the recession. and whether you hit the stores yesterday or not, plenty of people are out this morning. if you are planning on waking up early for your black friday sales, you're late. step et up. shoppers are expected to spend an average of $650 this weekend. that's 11 1% more than last year. we have the chief merchandising officer at toys
will replace outgoing ceo steve ballmer. josh lipton live in bellevue, washington. >> reporter: it was an historic day at microsoft shareholder meeting. the last meeting with steve ballmer as ceo. ballmer's record at microsoft is mixed. revenue jumped but critics say he mixed big tech trends like mobile and social. stock is up sharply this year but down 25% under his watch. bill gates at the shareholder meeting today gave no guidance for when a new yi would be picked. he did seem to get choked up when talking about his friend, steve ballmer. >> we've got a commitment to make sure the next ceo is the right person for the right time for the company we both love. and we share a commitment that microsoft will succeed as a company that makes the world a better place. >> top picks to replace ballmer mentioned, ford ceo allen mulally and former nokia ceo elop, as well as kevin turner, coo and nadella of cloud and shared enterprise. microsoft made a point of emphasizing their cloud products. whoever replace ballmer and strategis, the new ceo will face new challenges as microsoft reposi
, steve liesman and rick santelli. and plus bars and ton. is rick santelli there or is that him there? >> i'm here. >> steve liesman, let's start with you. what did the minutes say that spooked the market? >> that a taper is coming in the coming months if the economy performs according to the fed's forecast. that forecast is for a gradual improvement or acceleration in growth to 2014. not necessarily expected at the end -- in the fourth quarter because you'll probably get weak growth. that's why i would rule out a december taper. that it's coming in the coming months and the fed is looking for a we to do that in a way that doesn't cause the market to bring forward when it would raise interest rates. >> what does that mean about investing? what did you hear as an investor trying to allocate capital across? jason pride, jump in there in terms of allocating capital. what does this mean to you today, the minutes? >> one of the most important things people keep missing is the fed needs to taper in order to remain as stimulative as they have been before. one of the things that is coming abo
accolades. steve ballmer is somehow more reviled than revered. one that with $300 billion in market capitalization has to be considered a success. and this is not just within the industry. this has become a pop culture thing now. on last night's episode of "south park," ballmer's assassination by an angry and disappointed bill gates was a major subplot. not only is steve ballmer viewed as a failure in his time at microsoft, he's sealed his deal where he says he recognizes that he's the person standing in the way of microsoft's progress. quote, maybe i'm an emblem of an old era and i have to move on. what was keeping microsoft from succeeding in this new world? quote, at the end of the day, we need to break a pattern. face it, i am a pattern. and so even he admitted it was time to go. was ballmer too hard on himself? not to execs i talked to at dream force. to them he is a befuddled fool who didn't see cloud, didn't see social, didn't see mobile coming. and he thought he could ignore it or somehow build it all into xbox one. what i would ask these executives offline, what is the bigg
the energy names would be down accordingly. they are up. the xle up 4.5%. that's good. >> steve weiss, does it continue, and what keeps it going? >> it does continue. and what keeps it going is the bond market. and the economy. so we saw an ism number that came out today better than expected. bonds, rates are backing up. it is the only game in town, remains the only game in the global town. so that's what keeps it going. could we see 3%, 5% down? absolutely. but at the end of the year, we're going to get an early january effect again, and the market will hit new highs. >> the question dan nathan, is there too much euphoria over this market? people have used the bubble word, tobias at citi, with a note questioning the euphoria in the market, saying that firm's proprietary sentiment tracker has climbed to its highest level since 2008, now approaching euphoria territory. which is worrisome. >> yeah, i mean, there's been a lot of talk about bubbles in the last week. we heard larry fink refer to possibly equities being that way. i lived through a couple of bubbles. it doesn't feel that way, to b
strong last month. gold falling. i love that. are we going to get 3% growth or bether? we asked steve who is a chief u.s. economist and joe the head economist at deutsch chi back. we're also the well, there's not been move going forward. it looks like kwul 4 gdp lp advised. they cited record back logs and very high ism. i think it continues this quarter. we have growth over 3, 3 1/2 so i am agreeing to this. steve, let me get your tax on that, the third quarter will be revised up. the re5789, you've had one nice quarter. it will result at home. i disagree with watching the ism as app indicator telling you what industrial production has to do. indus still have production is seeing what's actually happened? >> john burns, i think he made this point. in a not, he wasn't foop dropper health. i just claysed sick like a dye from 3.p, that's triple a is it not? >> it obviously. it's pores flow. this is in addition to higher edge kite at this prices, house. >> steve, home sales went down today. they were very disappointing. there is a school of thought that says the prior interest rate hike is sl
president bush also with us our own steve liesman. gentlemen, good to see you. >> good to be here, maria. >> explain the theory. >> well, look, if obama care fails because of the website, well, then that's terrible for the president. let's say it succeeds and give it the benefit of the doubt and say the president is right and 30 million people sign up, and they start getting insurance, but they start paying premiums. those premiums maybe they'll be a bargain, $100, $200 a month. >> they haven't been a bargain. i see your point. >> let's give the president all the credit and say it's going to work. that's by my calculations about $77 billion of spending by consumers that they won't have to spend at mcdonald's and target and ford motor -- that's a lot of money. more than the president's stimulus plan spent on infrastructure or for tax cuts. it could be in an economy right now where consumers look a little bit shaky, it could be just enough to dislodge us from this tentative recovery. >> steve, you on board? >> not exactly. and i question todd advisedly because he's taught me about economic
. simon baker is here along with steve weiss, joe terranova, and stephanie link. stephanie, on a year when the health stocks have done well, health care is the second best performing sector out of the s&p 500 this year. i'm wondering what your thoughts are, and what happens with the stocks? >> i don't think anything he said is a surprise. you have to expect the blame game comes out of washington on both sides. this is a mitigated disaster. the insurance companies budget at least a year in advance. so they're a little offsides in the budgets. at the end of the day, i don't think it matters. maybe you see them reset expectations next quarter or pre-announce, in terms of reduced expectations, but you still need to be in a group that continues to grow, whether the economy is growing or not growing, so i like it. more importantly, what this did was, it sort of casted yellen in a shadow, and that was by far, to me, the more important conversation today, what she was saying. >> well, yellen certainly has had somewhat of an impact on the overall market today by virtue of taking what most people ex
an impact on employment and how many hours workers are getting. steve liesman with the story. >> thanks. this poll conducted by public opinion strategists, which does the polling for cnbc the republican half of our polling team, did this poll on behalf of the international franchise association and the u.s. chamber of commerce. find a very negative impact right now on businesses and employment from the affordable care act. let's take a look at the graphics. 64% of franchise and 53% of nonfranchise are saying the aca is having an impact on their business. you might expect that but now let's take a look at what they're saying about specifically how. they say because of aca, 30% of franchise owners have replaced full with part time about 15% have seen reduced staff and more than 30% have reduced worker hours. this has potentially huge neck negative impact on employment. one other piece of data. asked if they would stay below 50 workers. 59 % of franchise owners and 52% of nonfranchise owners. there's a lot of debate about this. unclear whether or not it shows up in th
. that's the next leg up. >> steve weiss, they love the stocks. they say the valuations are too high, relative to the long-term growth prospects. >> i didn't get it. to me the -- sitting on the fence, i'm keeping a buy on the stocks. i'm lowering rating on what is the cheapest low with priceline, but if they go down i don't get credit if they trade off. the market looking at momentum in a different way? maybe a short time basis. to me they're working as they've have been working. we talked about before the show, each of the companies has raised earnings in their quarterly reports. >> analysts, did, too, across the board. >> i have no idea what the analysts is talking. >> the same analysts who hated the stock at 21. why are we paying attention to analysts. >> they made it a point of of saying earnings aren't going up, multiples are going out. >> certain names you could have had the same discussion on 50 points, 100. >> 200 points. >> doesn't matter if amazon makes or loses money. netflixes, the same thing, they have the defensible positions and ultimately maybe god willing make money
a listen. >> steve it's great setting things up. those guidelines are for the control room. >> joe is right. after having been a print recorder 30 years, i lean on the written word. >> it's getting it organized. >> i have no time for organized thoughts. >> that we know. >> let's welcome our guest hoist bill george. he's currently at harvard business school. bill, we're so glad you're here. so many things to talk about. let's start off you by what steve was discussing. what's happened with the fed? what do you think will happen? >> i'm a fan of bernanke. in my opinion he saved us in '08. we have no fiscal policy in this country. he's trying to off set the monetary policy. he's gone as far as he can go. we've got to pull out of this. i think they'll keep interest rates low. >> you say you're a fan. are you a fan of what's happening now? >> we have an imbalanced economy. we're hanging on for dear life trying to get the unemployment down. i think there's too much money in the economy. it's eventual got to come out. they're not going to do hit with unemployment rates. >> are they paying too much
's an incredible car. >> it's not just the shape of the car. they did things like steve jobs. you know, form follows function or whatever the old, you know, architectural strategy. the guy is like jobs to come out of nowhere. gm and ford and all the others they've been trying to come up with this for so long. i see what he's saying. if you've got a gas tank with 30 gallons worth of gas and you're in a bad accident, that's scary. but then there are these batteries, apparently -- >> and the distributor -- >> distributed across the whole bottom. does any little, you know, does any crash -- >> consumer reports comes out and says it's the safest car they've ever tested. >> this is interesting. we'll see what kind of conclusions these -- and you know, when you test cars, you see those, you know, crash dummies and stuff. you see how hard -- and it's scary to watch because even 35 miles an hour. >> are they really smashing up teslas, though? >> it's only the government, we can afford it. >> consumer reports. >> consumer reports. >> but when they test. >> yeah, well, they, i'm sure are. >> money to b
york city moving to the far left. let's talk to democratic strategist, steve mcman. robert costa. i want to go to you. i want to pin de blasio on you. this is the guy who's going to be the next mayor of new york. this guy is so far to the left. he is way to your left. this guy is fighting ray kelly and the new york police department successful crime attemp attempts. he wants to tax himself. he'd rather risk people moving out of the state. today they say he wants to appoint randy weingarten to run the board of education. why are the democrats trying to destroy new york city. >> good evening, larry. how are you? >> i'm good. nkts you know, bill de blasio is an unrepen tent, unapologetic democrat. it won't surprise everyone what he's going to do. the real question is what happened to new york city that so many people turned away from the policies of mike bloomberg and have turned so robustly toward the policies of bill de blasio. he's going to win it. the margin is a little surprising to me. good for you, bill. >> i'm not so sure. maybe it's bloomberg. my pal joe lhota didn't run a goo
and democratic strategist steve murphy and former white house press secretary arrei fleischer. i think you won't disagree in a this thing is a bad scene. the question is, what should democrats do if you were counseling them how do they dig themselves out of this mess? >> we have to make it work. we have got to get the problems fixed so it works as it was originally intended. it's not just the website getting fixed. it's the basic concept that has to fulfill -- be fulfilled according to plan. it is this why i disagree with what you said about california being bad. that's good for the future of obama care for two reasons. a one year extension as the president proposed, the states that will implement that are just kicking it into the time line of just the next election. that won't help us politically. and number two, we need -- those substandard plans under obama care, they have to go away for obama care to work. they have to be eliminated. we have to get the healthy people paying for a full plan. >> i think you were on a roll until you hit the last sentence or two. because ari fleischer, i have
of numbers. >> holy cow, a busy one. >> we could have a settlement between the government and steve cohaan's capital. that story is coming up. >> are more people trading in their old tablets? we will talk to the ceo of gazelle. >>> back with "squawk on the street" live from post 9 in just a moment. nes investment management & investment servicing, giving us unique insights which help us attract the industry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon. easy-to-use platform. no, thank you. we know you're always looking for the best fill price. and walk limit automatically tries to find it for you. just set your start and end price. and let it do its thing. wow, more fan mail. my uncle wanted to say thanks for idea hub. he loves how he can click on it and get specific actionable trade ideas with their probabilities throughout the day. [ male announcer ] open an account and get a $150 gift card. call 1-888-280-0149 now. optionsxpress by charles schwab. a
to the next steve jobs. but when you walked in, i said, how are you? you said, it's been a tough week. when you hear about a fire like this, what happens? tell us -- bring us inside the room for a moment. what happens at tesla. because i imagine everybody says, oh, my goodness, there are clearly issues and concerns in the marketplace about batteries and fires, period. i mean, that's where this all begins. and then what do you do? >> well, i guess we -- you know, we kind of see what the reaction is. and then, you know, in this case the reaction is extremely inaccurate and unreasonable. you know, the fact that there are 200,000 -- 20 0,000 gasoline car fires per year in the united states, 200,000. there are on average 200 fire deaths per year, 300 fire injuries per year. how many times have you read about that? can you recall -- >> no. >> -- one instance -- >> no. in complete fairness. >> exactly. so it's like, wow, this is completely unreasonable and wrong. the expert press, you know, in the sort of automotive industry, take the automotive news editor at "automotive news" wrote a great artic
ining develop. joining me on the telephone is steve parsley, a boeing crane operator who's been with the company for 24 years. he voted against the offer made to the union last night. steve, thanks for joining us. >> you're welcome. >> why did you vote no on the plan that union pushed before you last night? >> it's just too much concessions. it's an ultimatum for us. and if we concede on this, i see it happening again in the future. >> what do you mean you see it happening in the future? >> if we had accepted this contract offer, who's to say boeing wouldn't come back in two, three years from now and give us another ultimatum on a different airplane? >> what are the options? i mean, what is the alternative here if boeing is trying to do something and make sure it's watching its cash? initially it was supposed to -- it was threatened to actually close down the plant. >> boeing -- excuse me. boeing has threatened that or something similar every time to the machinists. if they want to negotiate and not just put forth contract offer and call it an ultimatum, we're willing to negotia
. >> you don't have anybody to thank. that's too bad. steve weiss long. >> pete? >> buy citi and bank of america. >> i would take a shot of cpb. >> i like franks international oil service. "power" starts now. >> "halftime" is over. "power lunch" and the second half of the trading day starts right now. >> all right. scott, thank you very much. jpmorgan expected to settle any minute now really with the government to the tune of some $13 billion. has it put the worst behind it or not? is it time to buy jpmorgan stock or look to other financials? we're going to take a look at that whole sector and see where you might best make some money now. tesla is under fire, yes fire, as the government begins an investigation surprisingly, the stock is up today. selling off rather sharply in the last three or four weeks. we will tell you if the inquiry will put a dent into tesla's sales. you may be surprised on that one. strong quarter for home depot, boosted by a resurgent home remolding sector. is the stock, a buy, sell or a hold. old-school debate coming up. first let's check in with sue at the ne
up, even harry reid says more sanctions may be needed instead. nbc's steve handelsman joins us now with the details. steve? >> reporter: michelle, thanks. here in washington a lot of senators in both political parties say they're ready to vote like the house already has for tougher sanctions. but president obama is asking them, and when he spoke today to israel's benjamin netanyahu, he also presumably asked the hard-line israeli leader give me six more months to see if this new, some would say softer diplomatic approach can work to get iran to give up building the bomb. the president spoke today in san francisco. >> none of that is going to be easy. huge challenges remain. but we cannot close the door on diplomacy. and we cannot rule out peaceful solutions to the world's problems. we cannot commit ourselves to an endless cycle of conflict. and tough talk and bluster may be the easy thing to do politically, but it's not the right thing for our kurt. security. it's not the right thing for our security. >> so the iranians will get access to some of their cash frozen in foreign banks a
are you? >> this is steve, my fiance. >> hi. >> marcus. how are you? >> nice to meet you, marcus. >> nice to meet you. >> good to meet you. how are you doing? my name's steve caldaronello, and i'm sharla's fiancee. you know, i want to make sure it's the right deal for her. >> he's very protective of me. >> i definitely will protect her and voice my opinion. >> what department would this be called? >> i don't know, it's stuff. >> okay, what is this here? >> oh, these are my crepes. >> so you're in the popcorn business, the crepe business, and the funnel cake business. >> so my staple is really popcorn. that's how i started. and then as i started getting bigger, i've learned more locations, more money, so... >> more locations, more revenue. not more locations, more money. >> more revenue--oh, okay. >> sharla's business generates well over $2 million a year in revenue, but she still makes zero profit. what she needs to do is really analyze her business to understand where the gross profit is coming from. which one has better margins? >> popcorn. >> so let me understand this. popcorn does mor
. if you're looking for cheap, this is where it's at. >> steve, we had grasso yesterday taking on that call on bank of america. >> he's wrong. [ laughter ] >> whether it was really cheap or not. is bank of america the best way to play the banks? >> grasso was wrong. i wish he was here so i could tell him directly. >> that a boy. >> i own citi. that's one of my two. citi's cheap. i'll disagree with you on one thing -- two things, the second one in a minute. the cheapest large cap financial is actually aig. it's selling -- >> i was talking about the banks, but it's a good point. >> i own that, also. >> sure. >> my other cheap one is gilead. >> one of the best performers year to date. >> absolutely. absolutely. i happen to own it. it's not a coincidence. gilead. let's talk about that for a second. if you look at gilead -- >> on your record, you've bought one -- >> which one? gilead, if you look at that, 6 to 650 in earnings in 2015. that's 12 times, and guess what, that number will be low. it's cheap on current numbers for a company that's growing this quickly. so while the stock's done well,
the whole thing a bubble that could burst at any time. it is "halftime." so let's play the action. steve weiss, are we in a bubble or not, because that's been the talk of the week. >> no, we're not. does anything go up in a straight line? absolutely not. but the market still has plenty of juice that's going to drive it higher well into next year. the reason being, we're still below an average market multiples, looking to 2014. 23 times since 1950 -- so a third of the time -- the market's gone up more than 20%, and about 13 times it's gone up more than 30%. and we've had multiple years back-to-back of better than 20%. so i'm still very positive on the market. if you're negative on bonds at all, the market has only gone down one year, where bonds have gone down one year. that's 1969, very explainable. so if you have a negative bond bet, and i do, because 10 years at historically low rate, you have to be bullish on equities. >> nathan? >> there's pockets in the equity markets, there's clearly pockets. look at what's going on in solar. look what's going on in the web 2.0, the names. >> the m
sales apparently unaffected. >> gasoline, steve liesman said not spending as much on gasoline, we're biography sweaters. it's true. if you looked at it empirically, it's apparel, a little more money in the pocket, not going to walmart, stepping up a little bui bit higher. >> down here at the big board, nuskin enterprises and over at the nasdaq, advanced energy. >> and nuskin, you do personal care and you push it, this is the opposite of avon in terms of performance. people betting against nu skin have not been rewarded. >> jcpenney a winner out of the gate, up more than 9%. your story, you'd rather by pvh. >> i'm not about surviving. i'm about making money. >> about thriving. don't survive, thrive! >> if they're doing well, what is terry lundgren doing at macy's? just putting points on the board. pvh is going to go much higher. i think the calvin klein deal is going to pay off dividends. >> lowe's, second biggest loser. >> disappoint ing. >> and smuckers, after kelloggs and campbell's soup, something's going on in food. >> campbell's soup, they talked about how disappointed they w
? >> steve, they have been rallying strongly for the past several weeks. i'm not at all surprised that steel sold off. that's not a-typical. >> if we think it's going to be more transparent and the data is actually going to be more true than what we have seen there, that has been speculation that we have not seen real data coming out of china. >> i have owned the coal stocks for a while and the steel stocks for a while. i will try to hold them to the best of my ability. it is abundantly clear where one is wrong. over the course of the last six, seven, eight, nine months. looks to me like a bull market that is just beginning. >> den nis, great to see you. guy, you have been on the steel trade for quite sometime. do you agree with den nis that there is more to go? >> you are talking about trading these now. and for me, price trumps everything. the way that steel stocks go, then subsequently morgan stanly didn't trade particularly well. we said 27, 28 would be level of resistance. i think we found it. i would look to take profits. >> coming up next, the value of one currency has jumped more tha
. here's the bounce now. i hear what steve is saying. believe me, it under performed for a reason. >> this is probably going to take part in it as well. it will trade with crude. it is up 7%, year to date and the market is up 20. >> perry now holds .2 million shares of the company. i- >> another name that we have talked about for a long time. we said give him time and he will sort it out and we have. yes, the stock has moved considerably since then. >> and lastly, leone cooperman's advisor is disclosing a new 2.8 million position. >> i can see why he gets into this but steve and i were talking about this today before the show. i'm short copper. there is is a huge difference. if you believe that copper is going to drop. >> we like to watch them. there are a number of enormous caveats that you should have in mind. >> that right. we always high lid. which i think they should, you and i talked about that a lot. i think you could really get a sense. >> it wouldn't be so silly as to disclose the short that really crushed the pole. >> you have got keep those things secret. there are swap
says. i'm sitting in for melissa lee. hi everybody our traders tonight are steve grasso, brian kelly, guy adami. great to have you with us. let's get straight to the top story tonight. is the economy stronger than we thought? well, stocks surged on a surprisingly good job support, with the dow closing at yet another new record high. so, guys, is this the green light for economic growth? or should you be fading the optimism? what do you think, guy adami? is good news good news? >> clearly. josh i'm sure has strong feelings about the job numbers. i think these numbers will be a little lumpy the next couple months. we'll see, i don't think the economy is getting that much better. i think there's been a lot of cross currents in the data. clearly the market wants to go higher, i thought we would test the 1740 level in the s & p, i didn't think we would rally, maybe we would bounce but not see the rally. next week is an important week. next week could be as important week technically as we've seen in a while. i think next week will tell the tale for the next 100 s & p points. >> these job
be able to manage money belonging to steve cohn, the founder, certain employees and his family members. >> hey, kate, couple questions this morning. one is this doesn't resolve any potential criminal liability for steve cohn, the man himself, is that true? >> well, let me give you a dual answer to that. i mean, i guess it doesn't, although i think if they had the material for a criminal individual case against cohen, they probably would have brought it at this point. now they continue to try current and former traders. in two weeks from now we'll see the trial of michael steinberg and i assume the fbi continues to try to turn witnesses against him. so i think you can't rule that out in the future, but i would probably not expect it at this point. >> the only reason i ask is because if you remember and you remember so well given -- now we're talking about a $1.8 billion settlement, 600 was already from a prior settlement, some people meant the whole thing was over. here we are they would argue we're sort of double dipping. it seems to me they're taking a second bite at the apple, why no
mentioned he's the author of the best-selling book steve jobs. and walter, we are dying to hear your thoughts on obama care. we've been talking about this a lot this morning. trying to figure out where we are in the situation. you're a big thinker. where do you think things stand at this point? >> well, i love the conversation between joe and governor markell. because in some ways both are right. this is an absolute disaster when it comes to showing can government do something big? we watch airlines merge and private industries and they're trying to get reservation systems right and takes three or four months of a bad flying summer. this one was difficult. but i do think and i know you'll push back on me that it is a problem the way things were before. two things, the fee for service which y'all talked about but also kids in their 20s. kids my daughter's age, they want to join start-ups, they want to be independent. employee, you know, health care is really something we have to get away from. people need to be able to go on to market and buy insurance. well, is this the best way to d
shareholder meeting in a little more than an hour or now, as steve ballmer gets ready to exit the tech giant. talked a lot about ballmer yesterday in that interview with the "journal." >> that was the topic of much conversation out west. drew halston from drop box talking openly about the idea that steve stood in the way of progress, marc benioff saying how he recognized the impediment to microsoft is himself. a lot of soul searcher out there. >> some other soul searching going on among ceos of fortune 50 companies, they looked at what happened with mr. ballmer where he expressed a bit of ambivalence about staying in this job to his lead director and they were like great, thanks. >> wow. >> and i've been hearing that those kind of ceos or any ceos, whether it's activists or just in general sort of wondering whether their board is going to turn on them are definitely seeking advice on how to prevent that from happening. >> this is a revolution. boards are supposed to be rubber stampers. >> not anymore. not as much. you still see some but there has been a change. >> abercrombie's board? >> you
reinstitute that in the united states is nuts, but that's just my view. i want to bring in steve conover. you've got pretty impressive numbers here, and 129 million people according to your plans, according to your calculations. 129 million people either lose their insurance or have to get much higher premium insurance. is that true? how'd you get there? >> well, that is true. spinners like david axelrod have been claiming that this problem will only affect 5% of americans. the people that are getting nongroup coverage. that's not true. that's absolutely false. this problem of losing coverage is going to affect employer -- people with employer-based plans as well. now, out of that 129 million, only 18 to 50 million actually will lose their plan and have to start from scratch. but the rest will be ending up buying more expensive coverage because they have to pay for it. >> those are big numbers, chris. the top of the ranges are huge potential numbers. and then your second point, which is coming out this memo that nbc got, the obama administration now realizes premium increases may be just as d
exchange today. we have michael yoshikami at the new york stock exchange, also a cnbc contributor, steve saks, michael hennessey is out in the stratosphere somewhere. >> he's with me. >> i thought he was. good see you all. >> michael, here we go again. very strong jobs report on friday. the blue chips at least liked it but the secondary stocks, the small caps, have been suffering lately. what's going on in this market, do you think? >> i like the sendingary stocks. of the beta stocks have rallying. look at tesla, i realize there's fires going on there but secondary stocks have had huge rallies. i think what you're going to start to see as fundamentals, granted, on the slow basis, start to improve you'll see core stocks continue to pick up momentum. >> maria? >> neil hennessey, what about momentum? they have been driving the day all this year and then when they started to roll over the last couple of weeks. would you put new money in the market now and where are the groups that lead, if in fact we were to see the rally continue? >> if you're not in the market at all, you should be committ
a new job. it's in private equity but there's a great backstory here. steve liesman has it next. and mother nature unleashing her fury in italy. look at that, a major eruption under way on the island of sicily, that's mount etna. blasting away for the first time since 1992. frightening pictureses from illinois. we'll have the details on the damage of a wave of tornadoes caused there in the heartland yesterday. they're still cleaning up this afternoon. more "power lunch" when we return in two minutes. twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. >>> a huge eruption, that's italys's mount etna
high could this market know? should we be getting in now? steve grasso and jonathan corpina. steve, what happened at the end of the day? walk us through how this market has been just -- >> everyone's been buying into this market, of course. waiting for that pullback to happen. when that happens, you get the shorts that are just waiting, waiting, waiting to cover. and then as they start to creep up to those round numbers, they do cover. that's the last leg of it. so right now i feel like year end, as bob said, seasonally bullish. i don't know right here. i feel like we're due for a pullback like everybody else. the problem is december 13th you get those budget hearings. that could be a catalyst. that could be a tail wind for the market to go higher. we're running out of daylight before year end for that selloff. >> jonathan, you both have seen, you know, ups and downs in this market. how does it feel to you in terms of the health of this market and, of course, the sustainability of this rally? >> right. the higher this market goes, we keep having these conversations of when is the p
it wants to go higher. microsoft posted a significant markdown, and ceo steve balmer is retiring. that move wouldn't be happening at all and it's another case of a gigantic buyback just like merck and mcdonald's. how about walmart? recall, it turns out to be a fantastic buying opportunity and you're up a couple of bucks if you bought it with last week's weakness. i don't even care. what matters is that the stock is higher after a panned quarter. no one like the visa quarter, either except the buyers who had the incredibly well-run secular winner of the company that is still rung with the revolution. the six-point decline was a terrific entry point as visa now is only two points below where it reported and i sense they'll take that price out, too. chevron missed and quickly dropped three points in what looked to be less healthy paradoxing growth and not as exxon and not so hot refining margins and the stock is nicely above where they were, we have to be thank of the for the pullback. remember the woe is me goldman sachs quarter? the stock's now up 12 points from the 158 level that used the d
, appreciate it. have a good thanksgiving. steve grasso, on the floor of the new york stock exchange. >> how are you, sir? >> what are you watching? well, sir, thank you. >> bank of america. the desk and i have been bullish on this for quite sometime. it is overbought right now. if you look back, each and every time it was overbought in march, overbought, sold off, 13%. basically, in may, june, overbought, sold off 13%. july, sold off roughly 8%, and now we're up here in unchartered territory. so it broke out, once it was above $15, the stock indeed broke out, we're eyeballing $20. that goes back to 2010. but you could see a precipitous drop sometime soon in the name. i'm long it. i'm staying long, because i can't time it just right. it is making a pattern of higher highs, higher lows, but look for a pullback in bank. >> josh, is that how you see it? >> i mean, look, it could have pulled back. it's an rsi of 80. is it overbought? technically, yes. but if it pulls back to 15, are you really that nimble that you're going to be right there on the spot for that 7%? i don't know. >> right. which
steve. >> from st. louis the home of the 11 time st. louis cardinals but sadly not this year. >> well, okay. >> a big sunny san diego booyah too you. >> charger booyah? >> hey, jim, the great city of virginia beach. a great big booyah. how are you doing today? >> i'm going to give you an allen iverson booyah. >> okay. >> what are we talking about? practice? >> as of today they're giving you a 56% gain. and that's over the course of less than five months. trying to fight a sneeze. [ sneezing ] >> it's better to fight it than sneeze. >> take a look at the daily chart. the fabulous cup and handle formation. the one that looks like a little teacup with the handle on the right side. the cup and handle. oh, boy, holy cow. an inverse head and shoulders pattern. s see? well, i was trying to make a smiley face. >> filled in, boom. >> it's the bullish cross over where the black line goes above the red line. just a second. -- yep. definitely. >> it's clear. if it's a little yellow dot usually that means that. oh, that's mcdonald's, sorry. >>> before we get to your tweets it's time for homework a
. the fed has paint all numbers on the roulette wheel red. >> rick, stick around. let's bring in steve liesman to this conversation, as well. steve, pretty strong number, at least, in terms of what you're seeing for the permits. the question becomes the starts. what are we going to see when we get those numbers. >> details, becky, this looks like driven by multifamily construction. we're reporting two months now, we're looking through going back to august as the baseline. you were about 299,000 in august, multifamily, now that's up to 414 in october. so that's a -- a consecutive jump in september and october. whereas single family homes, 627 is actually below that level. you've had a two-month surge in multifamily. looks like a lot happened out west and out south where permits are, at least in october, unchanged in the northeast and down in the midwest. so i'm not -- we like this number, we like it to be high. it's a number that doesn't do badly in terms of tracking gdp two quarters ahead of time. >> over a million now too. >> yeah. we haven't been there since march. but you certainly
in the fourth quarter. the overall reaction has been negative. 2.8% lower is how the stock is trading, steve. >> thanks very much, karen. right. we have even more people around the deck. fixed income fund manager rafa julia medal and christopher pinka. are you chris or christopher? >> chris is fine. >> all right. we're talking about banks. obviously you covered the fixed income spaes. how do you see the banks and where are the opportunities? >> yeah. there's still quite a few opportunities in the banks. spreads have been historically wider since 2008 in the financial space. so they provided a good opportunity. although in recent history, they've been more sort of volatile, so they've had a hard beater risk. as of late, because of the extra regulation which is thought in banks to have more capital. as debt holder, it's a bigger cushion for us to fall back on in the event of default. >> why? >> well, because what the regulators are doing, they're forcing more banks to have more tier one capital, more additional tier one capital. and plus, a bigger office, as well. so as a result of this large
? the traders chime in. we have got some rare footage of steve cohen and he is in a fighting mood. tdd#: 1-800-345-2550 trading inspires your life. tdd#: 1-800-345-2550 life inspires your trading. tdd#: 1-800-345-2550 where others see fads... tdd#: 1-800-345-2550 see opportunities. tdd#: 1-800-345-2550 at schwab, we're here to help tdd#: 1-800-345-2550 turn inspiration into action. tdd#: 1-800-345-2550 we have intuitive platforms tdd#: 1-800-345-2550 to help you discover what's trending. tdd#: 1-800-345-2550 and seasoned market experts to help sharpen your instincts. tdd#: 1-800-345-2550 so you can take charge tdd#: 1-800-345-2550 of your trading. >> you >> you don't have to change your statement. >> i want to know which one is the policy. >> i will answer the question the way i want to answer it. >> but it's non-responsive. >> okay. i'm answering it because i believe that the intent of this is to have the employee act in a certain way. there may be a time and i can think of times when he uses his own judgment because he knows how to act in the situation. >> you're looking at not be
as they point out, talking about 340,000 new auto jobs created for gm. thank you, steve. >> be careful. the stock that is not much of an overhang. a lot of people knew this. going for the job saying this is happening. those are taking it. you won't see it last a day unless the futures go up. gm doing better in europe and china. it is a good story. ford not going up since the -- the stock shouldn't be up at all. >> along with that a lot of retail numbers. shares of target are down sharply. discount retailer posting results below estimates siting delusion relating to the canadian segment where gross margins 13.8 versus 30%. >> it is the comp stores .9%. costco is .56. there is the halo. people want to give target the benefit of the doubt. you keep thinking this is going to be the breakout. the idea that we are going to wake up and target is going to be the same old target is not happening. it is a decent story, not a great story. i see no reason to buy or sell. >> you are neutral. >> when you have outfits like costco and williams sonoma i question why i have to own the stock. my travel i
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